Attached files

file filename
10-Q - FORM 10-Q - Location Based Technologies, Inc.lbt_10q-113012.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R33.htm
EX-32.1 - EXHIBIT 32.1 - Location Based Technologies, Inc.ex32-1.htm
EX-31.1 - EXHIBIT 31.1 - Location Based Technologies, Inc.ex31-1.htm
EX-31.2 - EXHIBIT 31.2 - Location Based Technologies, Inc.ex31-2.htm
EXCEL - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.Financial_Report.xls
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R2.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R4.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R6.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R8.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R9.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R5.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R3.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R7.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R1.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R17.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R12.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R31.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R36.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R21.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R35.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R26.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R28.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R32.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R34.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R14.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R29.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R18.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R27.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R22.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R13.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R20.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R25.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R16.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R10.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R37.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R23.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R24.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R30.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R19.htm
XML - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.R11.htm
v2.4.0.6
Note 10 - Stock Options and Warrants
3 Months Ended
Nov. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
10.           STOCK OPTIONS AND WARRANTS

Stock Options

On August 30, 2007, the Company granted options outside of the 2007 Plan to three of the Company’s officers to purchase 6,000,000 common shares each for a total of 18,000,000 common shares at $0.33 per share in accordance with Stock Option Agreements. Options to purchase shares are vested upon the Company achieving a certain number of customers. All options vest upon a change of control of the Company. The options expire 10 years from the vested date. As of August 31, 2012, there were no options that were vested and presently exercisable.

On January 12, 2012, the Company granted options under the 2007 Plan to three of the Company’s officers to purchase 4,000,000 common shares each for a total of 12,000,000 common shares at $0.31 per share in accordance with the Executive Employment Agreements. Options to purchase shares are vested upon achieving certain milestones under the Executive Employment Agreements. All options vest upon a change of control of the Company. The options expire on January 12, 2017. As of November 30, 2012, there were 1,500,000 options that were vested and presently exercisable. The fair value of such vested options using the Black-Scholes option pricing model amounted to $404,121. No options were exercised as of November 30, 2012.

On March 15, 2012, the Company granted options under the 2007 Plan to two officers of the Company to purchase 2,000,000 common shares at $0.31 per share in accordance with Executive Employment Agreements. Options to purchase shares are vested upon achieving certain milestones under the Executive Employment Agreement. All options vest upon a change of control of the Company. The options expire on March 15, 2017. As of November 30, 2012, there were 300,000 options that were vested and presently exercisable. The fair value of such vested options using the Black-Scholes option pricing model amounted to $68,849. No options were exercised as of November 30, 2012.

On March 15, 2012, the Company granted options under the 2007 Plan to two employees to purchase 4,500,000 common shares at $0.31 per share in accordance with Executive Employment Agreements. Options to purchase shares are vested upon achieving certain milestones under the Executive Employment Agreement. All options vest upon a change of control of the Company. The options expire on March 15, 2017. As of November 30, 2012, there were 862,500 options that were vested and presently exercisable. The fair value of such vested options using the Black-Scholes option pricing model amounted to $197,941. No options were exercised as of November 30, 2012.

Warrants

In June 2008, the Company issued “Series C” warrants to certain technology and legal consultants to purchase a total of 180,000 common shares at $2.00 per share, in exchange for consulting and advisory services related to developing the PocketFinder®. The fair value of the warrants using the Black-Scholes option pricing model amounted to $353,447. In July 2011, two “Series R” warrants to purchase a total of 60,000 common shares were cancelled. No warrants were exercised as of November 30, 2012.

On December 16, 2009, the Company agreed to issue “Series R” warrants to certain consultants to purchase 240,000 common shares at $0.68 per share in exchange for consulting services related to technology and product development and legal advisory services. The warrants expire on December 16, 2014. The fair value of the warrants using the Black-Scholes option pricing model amounted to $152,801. In August 2011, a “Series R” warrant to purchase 25,000 common shares was cancelled. No warrants were exercised as of November 30, 2012.

On December 17, 2010, the Company issued “Series S” warrants to the Silicon Valley Bank loan personal guarantor to purchase 3,600,000 common shares at $0.20 per share in connection with the Financing Agreement dated December 1, 2010. The warrants expire on December 14, 2015. The fair value of the warrants using the Black-Scholes option pricing model amounted to $926,900. No warrants were exercised as of November 30, 2012.

On December 17, 2010, the Company issued “Series S” warrants to a consultant to purchase 500,000 common shares at $0.20 per share for finder’s fees in connection with a debt issuance. The warrants expire on December 14, 2015. The fair value of the warrants using the Black-Scholes option pricing model amounted to $128,736. No warrants were exercised as of November 30, 2012.

On July 29, 2011, the Company issued "Series T" warrants to purchase 1,787,500 common shares at $0.20 per share to placement agents in connection with the private placement. The warrants expire on July 29, 2016. The fair value of the warrants using the Black-Scholes option pricing model amounted to $837,664. There were 110,000 warrants exercised as of November 30, 2012.

On August 31, 2011, the Company issued “Series U” warrants to Silicon Valley Bank to purchase 300,000 common shares at $0.20 per share in connection with the private placement success fee. The warrants expire on July 29, 2016. The fair value of the warrants using the Black-Scholes option pricing model amounted to $140,587. No warrants were exercised as of November 30, 2012.

On March 1, 2012, the Company issued “Series X” warrants to a consultant to purchase 57,693 common shares at $0.26 per share for marketing and promotional services provided to the Company. The warrants expire on March 1, 2015. The fair value of the warrants using the Black-Scholes option pricing model amounted to $3,761. No warrants were exercised as of November 30, 2012.

On March 16, 2012, the Company issued “Series V” warrants to JMJ Financial to purchase 869,565 common shares at $0.23 per share for cash proceeds of $200,000 under a Stock Purchase Agreement. The warrants expire on March 16, 2017. No warrants were exercised as of November 30, 2012.

On May 1, 2012, the Company issued “Series W” warrants to JMJ Financial to purchase 1,086,957 common shares at $0.23 per share for cash proceeds of $250,000 under a Stock Purchase Agreement. The warrants expire on May 1, 2017. No warrants were exercised as of November 30, 2012.

On October 15, 2012, the Company issued a “Series Y” warrant to purchase 500,000 common shares at $0.20 per share to a consultant in exchange for accounting advisory services provided to the Company. The warrant expires on October 15, 2017. The fair value of the warrants using the Black-Scholes option pricing model amounted to $99,873.

No warrants were exercised as of November 30, 2012.